Cyprus is expecting about €3.5 billion in funding for projects under the European Union’s next Multiannual Financial Framework, with President Nikos Christodoulides leaving open the possibility that the final amount could be higher.

Speaking at the Presidential Palace during a meeting with European Court of Auditors member Lefteris Christoforou, the president said the objective is to secure agreement on the framework by the end of 2026, while the projects themselves are expected to be approved by the Council of Ministers no later than September 2027.

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The Timeline For New Projects

Christodoulides said Cyprus is participating in negotiations for the next programming period with a clear priority: securing financing for projects that improve citizens’ daily lives.

“We will have about €3.5 billion for projects that will be implemented in our country over the next three years,” he said, adding that current indications suggest the total could rise further.

He stressed that the pipeline consists of mature projects, which will be brought before the Council of Ministers by September 2027.

The president also underlined the importance of the European Court of Auditors in monitoring how funds are used, saying he is confident cooperation will continue so that Cyprus does not lose any EU financing.

Recovery Fund Absorption Set To Reach 97.3%

Turning to the Recovery and Resilience Facility, Christodoulides said avoiding the loss of funds has been high on the agenda of his meetings with Christoforou since he took office.

With the payment made on October 1 and the next tranche due in December, absorption is expected to reach 97.3%, which he described as one of the highest rates among EU member states.

“There were public concerns from some that we were behind. The data proves them wrong,” he said.

The president thanked all ministries, especially the Ministry of Finance and the Secretariat overseeing implementation, as well as social partners and the House of Representatives, noting that their cooperation was essential in several areas.

He added that the Recovery Fund has already delivered projects that will remain in the country and help transform it over time. He also referred to Christoforou’s continued interest in Cyprus, despite his posting in Luxembourg.

Christoforou Says Cyprus Is Above The EU Average

Christoforou said Cyprus had set a target of absorbing €1.02 billion from the Recovery and Resilience Plan and congratulated the president for his interest and coordinating role in using the available resources.

He credited the outcome to cooperation between the president, the government, political forces and the civil service, saying the funds are being used for the benefit of society and citizens. He also linked the achievement of EU targets to what he described as Cyprus’s successful presidency of the Council of the European Union.

According to the figures he presented, Cyprus achieved full absorption of funds from the previous Multiannual Financial Framework.

For the 2021-2027 period, €442 million has already been drawn down out of a total €1.3 billion. Christoforou put the absorption rate at 35%, compared with an EU average of 29%.

For agricultural funding under the Rural Development Plan, he said Cyprus has reached 45% absorption, versus a European average of 25%.

He stressed that the effective use of European funding has direct importance for citizens because the resources flow back into society.